Nearly 200 would-be attendees found themselves locked out of a Davos event Monday — despite having registered and paid for access.

The chaos unfolded during World Economic Forum week in Davos, Switzerland, where color-coded badges serve as social currency and a credential snafu can strand even deep-pocketed visitors outside the rooms where deals get done. The immediate culprit, according to Semafor, was a dispute between organizers that blocked entry to EmTech Invest, a tech-and-finance gathering at the Grandhotel Belvédère. (RELATED: DAVID BLACKMON: Trump Should Put WEF On Notice Because Climate Scam Is Over)

Event founder Alena Yudina hired events company Introducing Leaders to handle registrations. But when Monday arrived, she reportedly discovered “more than half” of roughly 300 registrants never received badges — including Yudina herself.

“It’s really frustrating to not be able to get in for the things I came all the way here to do,” one attendee told Semafor.

TOPSHOT – This photograph taken on January 19, 2026, shows a general view of the Congress Centre that hosts the World Economic Forum (WEF) annual meeting and the Alpine resort of Davos by night. The World Economic Forum takes place in Davos from January 19 to January 23, 2026. (Photo by INA FASSBENDER / AFP via Getty Images)

The breakdown came after Yudina declined to pay an additional fee Introducing Leaders demanded to process the remaining badges, Semafor reported, citing text messages it reviewed, the outlet reported. Introducing Leaders founder Molly McAdams told Semafor nothing improper occurred and blamed Yudina for inviting more people than a 60-person event room could accommodate.

The fiasco also exposed Davos’ thriving gray market for access.

“Caveat Billionaires, It has been brought to our attention that again this year external parties are selling ‘VIP access to USA House’ and other Stromback Global venues in Davos,” Davos USA House warned in a notice posted on its website. Semafor reported “off-label or fake badges” have fetched more than 1,000 Swiss francs (about $1,200).

As of Monday evening, Yudina and her staff reportedly still lacked badges. But she remained undeterred: “The show must go on.”